HOUSING: Need more affordable homes

Idaho Senator Crapo met with a group on affordable housing in Boise. Sen. Crapo stated “Access to affordable housing is one of the most pervasive issues affecting employees and employers across Idaho. He also said his office has been reviewing a housing survey conducted between March 31 and May 31, and affordability of housing emerged as a top issue. If he read the Coeur d’Alene Press and many other community newspapers across our country a survey would not be necessary. Affordable housing is No. 1.

Most people in Idaho and other states are completely aware of the increased housing cost. Numerous reasons are offered from the lack of housing, cost of construction materials, interest rates and other factors.

If you want to buy a $400,000 home using an Idaho Housing conventional loan, the minimum down payment you would need to provide out-of-pocket is $12,000 (3.0% of $400,000). (According to Idaho Housing and Financial). I personally don’t know anyone with this type mortgage. Traditional 30 mortgages on a $500,000 home require closer to a 20% down payment. That means if a person could afford the monthly payments, the lender requires up to a $100,000 down payment. This makes home ownership impossible for most people.

This isn’t caused by government procedures nor will it be corrected by raising the minimum wage. Obtaining a mortgage requires qualifying and the down payment. Sen Crapo if you want to help, find a way to help people with the down payment money. We can pay our monthly costs for our mortgage or rent. Getting the upfront money is an insurmountable hurdle for most of us.

PHIL WARD

Coeur d’Alene